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The Returns to Private Debt : Primary Issuances Versus Secondary Acquisitions
Cumming, Douglas J. - 2018
Private debt fund managers invest in debt positions of private companies through new issuances or secondary acquisition of loans. We examine which strategy performs best using data from over 400 investments into private companies located in 13 Asian countries between 2001 and 2015. Trading...
Persistent link: https://www.econbiz.de/10012911347
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Managerial Incentives Explanation of Equity Carve-Outs Initial Returns
Seistrajkova, Biljana - 2017
This paper studies the first day return of 227 carve-outs during 1996-2013. I find that the first day return of newly issued subsidiary stocks is explained by the reporting distortions in the pre IPO period, conditioned on whether the executives and directors of the subsidiary received stock...
Persistent link: https://www.econbiz.de/10012970504
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Corporate transactions in hard-to-value stocks
Ben-David, Itzhak; Kim, Byungwook; Moussawi, Hala; … - 2021
Hard-to-value stocks provide opportunities for managers to exploit their informational advantage through trading on their firms' and their own personal accounts. In contrast to the prediction that such transactions reflect private information about future events, they are contrarian and heavily...
Persistent link: https://www.econbiz.de/10012816430
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The stock market evaluation of IPO-firm takeovers
Braun, Thorsten V.; Lehmann, Erik; Schwerdtfeger, Manuel T. - 2011
We conduct an event study to assess the stock market evaluation of public takeover announcements. Unlike the majority …
Persistent link: https://www.econbiz.de/10009514502
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On the Acquisition of Equity Carve-Outs
Desai, Chintal A. - 2011
carved-out subsidiary; and anti-takeover provisions and industry structure of a carve-out on its acquisition likelihood and …
Persistent link: https://www.econbiz.de/10013125797
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Merger Waves, Pseudo Market Timing and Post-Merger Performance
Esmer, Burcu - 2016
Do managers time the market when they make merger decisions? Merger and acquisition waves seem to correspond with market tides, cresting with bull markets. A contentious debate exists over whether this trend indicates managerial market timing ability. Pseudo market timing, introduced by Schultz...
Persistent link: https://www.econbiz.de/10013008783
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Founder CEOs and Acquirer Returns : Evidence from IPO Firms
Lee, Joon Mahn - 2016
Drawing from the literature on entrepreneurial overconfidence and M&As, we argue that founder CEO-managed firms perform worse than professional CEO-managed firms when they participate in M&A transactions. We test our predictions using a sample of acquisitions by newly listed US public firms from...
Persistent link: https://www.econbiz.de/10012999723
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Acquiring Control in Emerging Markets : Evidence from the Stock Market
Chari, Anusha; Ouimet, Paige; Tesar, Linda L. - 2012
When firms from developed markets acquire firms in emerging markets, market-capitalization-weighted monthly joint returns show a statistically significant increase of 1.8%. Panel data estimations suggest that the value gains from cross-border M&A transactions stem from the transfer of majority...
Persistent link: https://www.econbiz.de/10014028799
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Do Private Equity Investors Create Value for Italian Initial Public Offerings?
Meles, Antonio - 2014
This study analyses the role of private equity backing in initial public offerings (IPOs) using a dataset of 227 companies that went public on the Milan Stock Exchange between January 1995 and December 2007. The evidence rejects the certification and monitoring hypotheses and provides...
Persistent link: https://www.econbiz.de/10013067677
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Takeover Law Enforcement and Acquirer Returns
Dissanaike, Gishan - 2020
This paper examines the impact of takeover law enforcement on corporate acquisitions. We use the European Takeover … Directive as a natural experiment, which harmonizes takeover law across countries, while leaving its enforcement to the …). We find that acquirer returns increase in countries with changes in takeover law, driven by improved target selection and …
Persistent link: https://www.econbiz.de/10012855482